NewEdge Wealth LLC Raises Holdings in ServiceTitan Inc. $TTAN

NewEdge Wealth LLC boosted its stake in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 59.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,955 shares of the company’s stock after acquiring an additional 12,976 shares during the quarter. NewEdge Wealth LLC’s holdings in ServiceTitan were worth $3,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of TTAN. Vanguard Group Inc. boosted its holdings in ServiceTitan by 538.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,429,930 shares of the company’s stock valued at $446,670,000 after acquiring an additional 3,735,968 shares during the period. JPMorgan Chase & Co. boosted its holdings in ServiceTitan by 118.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,893,959 shares of the company’s stock valued at $291,798,000 after acquiring an additional 1,569,136 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in ServiceTitan during the 3rd quarter valued at about $84,983,000. First Trust Advisors LP boosted its holdings in ServiceTitan by 2,401.9% during the 3rd quarter. First Trust Advisors LP now owns 670,883 shares of the company’s stock valued at $67,645,000 after acquiring an additional 644,068 shares during the period. Finally, Atreides Management LP bought a new position in ServiceTitan during the 2nd quarter valued at approximately $68,679,000.

ServiceTitan Stock Performance

Shares of NASDAQ:TTAN opened at $60.29 on Tuesday. ServiceTitan Inc. has a 52-week low of $55.23 and a 52-week high of $131.33. The firm has a market capitalization of $5.65 billion, a P/E ratio of -35.05 and a beta of -0.23. The stock has a 50 day moving average price of $66.03 and a 200-day moving average price of $81.79.

ServiceTitan (NASDAQ:TTAN) last announced its earnings results on Thursday, March 12th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.09. ServiceTitan had a negative return on equity of 6.86% and a negative net margin of 16.64%.The firm had revenue of $253.99 million during the quarter, compared to analyst estimates of $245.47 million. During the same quarter in the prior year, the company earned $0.12 EPS. The business’s revenue was up 21.4% compared to the same quarter last year. On average, equities analysts forecast that ServiceTitan Inc. will post -0.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TTAN shares. Needham & Company LLC dropped their price objective on ServiceTitan from $140.00 to $100.00 and set a “buy” rating for the company in a report on Friday, March 13th. Citigroup dropped their price objective on ServiceTitan from $117.00 to $88.00 and set a “neutral” rating for the company in a report on Friday, March 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ServiceTitan in a report on Friday, April 24th. Stifel Nicolaus dropped their price objective on ServiceTitan from $145.00 to $125.00 and set a “buy” rating for the company in a report on Friday, March 13th. Finally, Morgan Stanley dropped their price objective on ServiceTitan from $131.00 to $118.00 and set an “overweight” rating for the company in a report on Friday, March 13th. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.31.

Insider Transactions at ServiceTitan

In other news, CEO Ara Mahdessian sold 2,288 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $159,839.68. Following the completion of the transaction, the chief executive officer owned 1 shares of the company’s stock, valued at approximately $69.86. This represents a 99.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Sherry sold 17,778 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $69.86, for a total value of $1,241,971.08. Following the completion of the sale, the chief financial officer owned 313,025 shares in the company, valued at $21,867,926.50. The trade was a 5.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 33,440 shares of company stock worth $2,281,468 over the last 90 days. 39.89% of the stock is currently owned by insiders.

ServiceTitan Profile

ServiceTitan, Inc (NASDAQ: TTAN) is a cloud-based software provider specializing in end-to-end business management solutions for residential and commercial trade contractors. The company’s platform integrates customer relationship management, scheduling and dispatch, mobile workforce management, invoicing, payments and reporting tools into a single suite. By automating key back-office processes, ServiceTitan helps field service businesses improve operational efficiency, enhance customer experience and drive revenue growth.

At the core of ServiceTitan’s offering is a mobile application that allows technicians to access job details, update work orders, capture signatures and process payments from the field.